2023-07-05T14:44:08-05:00 2022-12-31 351750664 DAUBY O'CONNOR & ZALESKI LLC 501 CONGRESSIONAL BLVD 300 CARMEL IN 46032 990 2022-01-01 954444102 LTSC COMMUNITY DEVELOPMENT CORPORATION LTSC 2134733030 231 E THIRD STREET G106 LOS ANGELES CA 90013 ERICH NAKANO OFFICER 2134733030 2023-07-05 1 ERICH NAKANO 999009999 0 LUCAS AUTRY P01589961 3178485700 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z LTSC CDCLITTLE TOKYO SERVICE CTR ERICH NAKANO 231 EAST THIRD ST G106 LOS ANGELES CA 90013 23839062 0 X WWW.LTSC.ORG X 1993 CA THE PURPOSE OF THE ORGANIZATION IS TO PROVIDE A COMPREHENSIVE ARRAY OF SOCIAL WELFARE AND COMMUNITY DEVELOPMENT ACTIVITIES TO ASSIST LOW INCOME PERSONS AND OTHERS IN NEED. 26 26 137 0 0 0 11150396 18066685 2746843 3554189 0 0 1572284 1952371 15469523 23573245 0 0 0 0 7331089 7477591 0 0 546920 5055521 6404789 12386610 13882380 3082913 9690865 47200516 83519714 11671861 42909311 35528655 40610403 X THE PURPOSE OF THE ORGANIZATION IS TO PLAN, PROMOTE AND SUPPORT COMMUNITY DEVELOPMENT ACTIVITIES WHICH PRESERVE THE JAPANESE AMERICAN AND MULTI-ETHNIC CULTURE AND HISTORY OF LITTLE TOKYO AND CONTRIBUTE TO ITS PHYSICAL, SOCIAL, CULTURAL AND ECONOMIC REVITALIZATION; TO SERVE AS A RESOURCE FOR SIMILAR COMMUNITY ECONOMIC DEVELOPMENT EFFORTS IN OTHER LOW-INCOME COMMUNITIES, PARTICULARLY ASIAN AND PACIFIC ISLANDER COMMUNITIES; AND TO DEVELOP, PROVIDE AND MAINTAIN AFFORDABLE HOUSING AND HOUSING-RELATED SERVICES IN THE LITTLE TOKYO AREA AND IN THE GREATER LOS ANGELES METROPOLITAN AREA FOR THE BENEFIT OF LOW TO MODERATE INCOME PEOPLE. 0 0 2928466 1885032 PROMOTED COMMUNITY ECONOMIC DEVELOPMENT THROUGH DEVELOPING, PROVIDING, AND MAINTAINING AFFORDABLE HOUSING; WORKED TO PRESERVE THE UNIQUE CULTURAL LEGACY AND LIFE OF THE LITTLE TOKYO COMMUNITY BY ACQUIRING AND RENOVATING FOUR OF THE 15 BUILDINGS IN THE LITTLE TOKYO HISTORIC DISTRICT ON FIRST STREET; PROVIDED SERVICES TO RESIDENTS OF THE ORGANIZATION'S AFFORDABLE HOUSING BUILDINGS IN THE IMMEDIATE DOWNTOWN LOS ANGELES AREA 2735745 1016012 PROVIDED MULTILINGUAL SOCIAL SERVICES; ORIGINALLY FOUNDED TO SERVE MONOLINGUAL JAPANESE LIVING IN LITTLE TOKYO, THE ORGANIZATION CONTINUED TO SERVE THIS POPULATION AND HAS EXPANDED TO SERVE THE JAPANESE AMERICAN POPULATION THROUGHOUT SOUTHERN CALIFORNIA, AS WELL AS OTHER ASIAN IMMIGRANT POPULATIONS IN LOS ANGELES. SERVICES HAVE EXPANDED TO CHILDREN, YOUTH, YOUNG ADULT AND ADULT POPULATIONS. 6247099 2182887 WORKED WITH LITTLE TOKYO RESIDENTS AND STAKEHOLDERS TO IMPROVE THE COMMUNITY AND REPRESENT THEIR VOICES IN THE ONGOING DEVELOPMENT OF THE NEIGHBORHOOD; DEVELOPED AND MANAGED A MULTI-PURPOSE SPORTS AND ACTIVITIES CENTER TO PROVIDE A FACILITY WHERE YOUTH AND FAMILIES CAN CONGREGATE AND ENGAGE IN MEANINGFUL ACTIVITIES THAT EMPHASIZE SPORTSMANSHIP, TEAMWORK, DIVERSITY AND HEALTHY-LIVING; SERVED AS THE FISCAL SPONSOR FOR A NUMBER OF PROGRAMS, OFFERING TECHNICAL ASSISTANCE, AS WELL AS MANAGEMENT AND ADMINISTRATIVE SUPPORT TO HELP THE PROGRAMS FULFILL THEIR RESPECTIVE GOALS AND MISSIONS.ADMINISTERED SUBSIDIZED, HIGH QUALITY CHILD CARE FOR PRIMARILY LOW-INCOME FAMILIES WITH CHILDREN AGES SIX WEEKS TO FIVE YEARS OLD. THE FAMILY CHILD CARE PROGRAM INVOLVES HOME-BASED PROVIDERS WHO SERVICE NEWBORNS AND TODDLERS, AND ANGELINA PRESCHOOL SERVICES THREE TO FIVEYEAR-OLDS. THE PROGRAMS ARE DEVELOPMENTAL, CHILD-ORIENTED, SERVICE PROGRAM COSTS OF OTHER, NON-CHILDCARE, RELATED PROGRAMS, PARENT-FRIENDLY AND STAFFED BY SKILLED PROFESSIONALS. 11911310 1 1 0 1 0 0 0 0 0 1 1 1 0 1 1 1 0 1 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 100 0 1 137 1 0 0 0 0 0 0 0 0 0 0 X 26 26 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA X X BOMEE FAIN 2134733030 231 E THIRD STREET G106 LOS ANGELES CA 90013 DICK KAKU PRESIDENT 1.50 X 0 0 0 MIGUEL NUNEZ VICE PRESIDENT 0.80 X X 0 0 0 BOMEE FAIN CFO 40.00 X 117200 0 0 ERICH NAKANO EXECUTIVE DIRECTOR 40.00 X 152790 0 0 CLAIRE KITAYAMA SECRETARY 1.50 X 0 0 0 EDWIN TAKAHASHI TREASURER 0.80 X X 0 0 0 ALAN NISHIO BOARD OF GOVERNORS CHAIR 0.80 X X 0 0 0 DAVID MITANI BOARD MEMBER 0.80 X 0 0 0 KATHY MASAOKA BOARD MEMBER 0.80 X 0 0 0 GEORGE TANAKA BOARD MEMBER 0.80 X 0 0 0 DAVID UYEHARA BOARD MEMBER 0.80 X 0 0 0 AKEMI ARAKAKI BOARD MEMBER 0.80 X 0 0 0 KELSEY IINO BOARD MEMBER 0.80 X 0 0 0 KEITH TERASAKI BOARD MEMBER 0.80 X 0 0 0 DENNIS ARGUELLES BOARD MEMBER 0.80 X 0 0 0 MARK USUI BOARD MEMBER 0.80 X 0 0 0 JESSICA CHANG BOARD MEMBER 0.80 X 0 0 0 JEFF SCHAFFER BOARD MEMBER 0.80 X 0 0 0 KIRA CONLON BOARD MEMBER 0.80 X 0 0 0 KAREN UMEMOTO BOARD MEMBER 0.80 X 0 0 0 KIRK SASAKI BOARD MEMBER 0.80 X 0 0 0 KELLY TAKASU BOARD MEMBER 0.80 X 0 0 0 JEFFRY YONEMURA BOARD MEMBER 0.80 X 0 0 0 MARIA CABILDO BOARD MEMBER 0.80 X 0 0 0 SEIA WATANABE MEMBER 0.80 X 0 0 0 BETTY AVILA MEMBER 0.80 X 0 0 0 BIBIANA ROSALIA MEMBER 0.80 X 0 0 0 CHRIS AIHARA MEMBER 0.80 X 0 0 0 TAKAO SUZUKI HIGH COMPENSATED EMPLOYEE 40.00 X 134269 0 0 MARGARET SHIMADA HIGH COMPENSATED EMPLOYEE 40.00 X 116666 0 0 RON FONG HIGH COMPENSATED EMPLOYEE 40.00 X 112446 0 0 633371 0 0 5 0 1 0 CARDE TEN ARCHITECTS 11341 NATIONAL BLVD 1104 LOS ANGELES CA 90064 ARCHITCECT FEES 1410000 POLIS BUILDERS LTD 9454 WILSHIRE BLVD 600 BEVERLY HILLS CA 90212 DEVELOPER FEE 243888 STEEL PROTECTIONS INC PO BIOX 90361 INDUSTRY CA 91745 SECURITY 142254 FLASH CUTS 2959 GLENDALE BLVD LOS ANGELES CA 90039 CONSULTING 140915 FSY ARCHITECTS 2902 KNOX AVENUE 2ND FLOOR LOS ANGELES CA 90039 ARCHITCECT FEES 105516 5 26814 9735735 8304136 18066685 REAL ESTATE INCOME 531110 1257084 1257084 SERVICE FEE 531110 1169897 1169897 DEVELOPER FEES 531110 609720 609720 ASSET & PROPERTY MANAGEMENT 531110 280618 280618 PARTNERSHIP FEES 900099 236870 236870 3554189 688446 26814 265817 422629 422629 FORGIVENESS OF DEBT 900099 1496450 1496450 OTHER REVENUE - MISC. 900099 352891 352891 OPERATING LOSS FROM INVESTMENT 900099 -319599 -319599 1529742 23573245 5083931 0 422629 6005457 4691996 962123 351338 962251 737528 172078 52645 509883 404847 77908 27128 303090 303090 42355 42242 113 44070 35651 6769 1650 90479 70952 19527 9912 9696 216 275271 212837 17267 45167 1275557 1222726 52831 41918 37548 4029 341 180711 158748 21963 258379 248117 10262 87374 85708 1666 115589 99373 11513 4703 PROGRAM EXPENSES 2632123 2632123 0 0 FACILITY OPERATIONS 486517 464695 21822 0 SUPPLIES 336030 313365 22665 0 OTHER EXPENSES 225414 140068 74229 11117 13882380 11911310 1424150 546920 7235332 11827033 598371 915519 1038342 981425 1702716 654734 156312 140792 14801625 1097627 5089784 13703998 2345755 6195414 2647702 6476385 26386202 42624414 47200516 83519714 728229 4493735 8790 6290 9650605 24538920 1284237 13870366 11671861 42909311 X 35433768 40515593 94887 94810 35528655 40610403 47200516 83519714 X 9690865 -110562 49204 -4547759 X X 0 1 X 1 1 1 X 12886706 13788133 17533386 12361591 19209768 75779584 1116203 1246297 1054221 1354474 2064692 6835887 14002909 15034430 18587607 13716065 21274460 82615471 0 0 0 82615471 49888 84336 10169 1416727 1849341 3410461 14052797 15118766 18597776 15132792 23123801 86025932 0.96040 0.97920 0.00000 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 1 3873 1 3873 1 3873 1 25000 1 3873 1 3873 1 19369 63734 0 PART II-B, LINE 1: LTSC PROVIDED STAFF TIME TO SUPPORT THE UNITED TO HOUSE LA CAMPAIGN TO HELP RAISE AWARENESS FOR THE MEASURE ULA TAX, WHICH WAS VOTED ON BY THE CITIZENS OF LOS ANGELES IN 2022. LTSC ALSO PROVIDED A FINANCIAL CONTRIBUTION TO UNITED TO HOUSE LA TO USE IN THEIR EFFORTS TO PROMOTE THE MEASURE ULA TAX. TAX REVENUE FROM THE MEASURE ULA TAX SHALL BE USED TO SUPPORT AFFORDABLE HOUSING AND HOMELESS PROGRAMS IN LOS ANGELES. 2318544 1000000 -254261 37109 28005 2999169 277185 2000000 58778 17419 2318544 225749 225749 225749 225749 225749 225749 1.00000 1 0 11871157 11871157 2115160 452668 1662492 815308 644959 170349 13703998 INVESTMENT IN AFFILIATES 6476385 C 6476385 DUE FROM AFFILIATES 27270125 CONSTRUCTION IN PROGRESS 8150379 OTHER ASSETS 300000 RIGHT-OF-USE ASSET 6903910 42624414 INTEREST PAYABLE 343706 ACCRUED PAYROLL 939963 TENANT SECURITY DEPOSITS 43444 CHILDCARE RESERVE LIABILITY 39032 REFUNDABLE ADVANCES 4209118 LEASE LIABILITY 8295103 13870366 X 26344295 -110562 49204 7483731 7422373 18921922 4651323 4651323 23573245 26528756 12646376 12646376 13882380 0 13882380 PART X, LINE 2: THE CORPORATION IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND STATE INCOME TAX AND HAS BEEN CLASSIFIED AS AN OTHER THAN PRIVATE FOUNDATION. ACCORDINGLY, NO PROVISION FOR FEDERAL AND STATE TAXES ON REVENUE AND INCOME HAS BEEN RECOGNIZED IN THE ACCOMPANYING FINANCIAL STATEMENTS. GENERALLY, THE FEDERAL AND STATE TAX RETURNS WERE SUBJECT TO EXAMINATIONS FROM THE THREE YEARS AFTER THE LATER OF THE ORIGINAL OR EXTENDED DUE DATE OR THE DATE FILED BY THE APPLICABLE TAX AUTHORITY. PART XI, LINE 2D - OTHER ADJUSTMENTS: REAL ESTATE INCOME FROM SUBSIDIARIES 7,217,914. FUNDRAISING EXPENSE 265,817. PART XI, LINE 4B - OTHER ADJUSTMENTS: ASSET & PROPERTY MANAGEMENT INCOME 84,402. PARTNERSHIP FEES 190,096. OPERATING LOSS FROM INVESTMENT IN AFFILIATES 33,571. TAX/BOOK DIFFERENCE-OPERATING GAIN/LOSS FROM INVESTMENT IN AFFILIATES -352,786. OTHER REVENUE 96,737. DEVELOPER FEES 609,720. GRANT INCOME 3,989,583. PART XII, LINE 2D - OTHER ADJUSTMENTS: EXPENSES FROM SUBSIDIARIES 12,380,559. FUNDRAISING EXPENSE 265,817. PART V, LINE 4: EXPLANATION: LTSC'S ENDOWMENT WAS ESTABLISHED TO PROVIDE ONGOING SUPPORT FOR THE ORGANIZATION. DISTRIBUTIONS FROM THE FUND ARE EXCLUSIVELY FOR GENERAL CHARITABLE USES AND PURPOSES OF LTSC. SAKE 357482 18338 339144 19345 11728 91765 CT RIPPLE EFFECT 100939 3528 97411 10940 1460 16702 2 256839 4948 251891 16840 22747 74290 715260 26814 688446 47125 35935 182757 265817 422629 0 0 0 0 0 0 0 0 0 ERICH NAKANO EXECUTIVE DIRECTOR 152790 152790 0 0 0 0 0 0 0 0 152790 152790 0 0 FORM 990, PART VI, SECTION B, LINE 11B LTSC COMMUNITY DEVELOPMENT CORP. OUTSIDE AUDITORS & FINANCE STAFF PREPARE FORM 990. THE FORM IS THEN REVIEWED AND APPROVED BY THE ORGANIZATION CEO & CFO. THE FORM IS THEN SENT TO THE FULL BOARD FOR REVIEW BEFORE FILING. FORM 990, PART VI, SECTION B, LINE 12C LTSC COMMUNITY DEVELOPMENT CORP. REQUIRES ALL EMPLOYEES TO DISCLOSE, AT LEAST ANNUALLY, ALL SOURCES OF INCOME FROM COMPENSATION OR FROM OWNERSHIP OF EVERY OUTSIDE ENTITY THAT (A) SOLD, SUPPLIED OR PROVIDED SERVICES (B) OPERATED A COMPETING ENTERPRISE OR (C)PROVIDED GOODS OR SERVICES TO LTSC COMMUNITY DEVELOPMENT CORP. IN THE LAST SIX MONTHS. LTSC COMMUNITY DEVELOPMENT CORP. ALSO REQUIRES BOARD OF DIRECTORS TO ANNUALLY SIGN A STATEMENT AFFIRMING (A) RECEIPT OF LTSC COMMUNITY DEVELOPMENT CORP. CONFLICT OF INTEREST POLICY (B) UNDERSTANDING OF THE POLICY AND (C) AGREEMENT WITH THE POLICY. LTSC COMMUNITY DEVELOPMENT CORP. CONFLICT OF INTEREST POLICY DESCRIBES HOW LTSC COMMUNITY DEVELOPMENT CORP. WILL RESOLVE POSSIBLE CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD REVIEWED LTSC COMMUNITY DEVELOPMENT CORP. PRESIDENT'S AND CHIEF FINANCIAL OFFICER'S COMPENSATION IN 2022. THE BOARD REVIEWED DATA OF COMPARABLE COMPENSATION FOR SIMILARLY QUALIFIED NONPROFIT EXECUTIVES. THE OCCURRENCE OF THESE DELIBERATIONS ARE NOTED IN THE BOARD MINUTES. FORM 990, PART VI, SECTION C, LINE 19 SOME OR ALL OF THESE ITEMS MAYBE AVAILABLE AS PART OF A PUBLIC GRANT APPLICATION. HOWEVER, THERE IS NO PROCESS FOR MAKING THESE AVAILABLE TO THE PUBLIC. FORM 990, PART XI, LINE 9: TAX/BOOK DIFFERENCE ON OPERATING GAIN FROM INVESTMENT IN AFFILIATES 352,786. PRIOR PERIOD ADJUSTMENT TO RECORD RIGHT OF USE ASSET -910,962. GRANT TREATED AS INCOME FOR TAX AND DEBT FOR BOOK -3,989,583. FORM 990, PART XII, LINE 2C THERE HAS BEEN NO CHANGE TO THE OVERSIGHT OF THE AUDIT FUNCTION FROM THE PRIOR YEAR. 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